Jakarta: Indonesian Foreign Minister Retno Marsudi today joined the exchange of the Instrument of Ratification of Indonesia – Singapore Bilateral Investment Treaty (BIT).
"Today’s event is another milestone of our strong economic ties," said Minister Retno.
According to Indonesia's top diplomat, the event marks the entry into force of the Treaty signed in 2018.
Singapore is the largest investor in Indonesia with investment totaling USD 9.8 billion in 2020, a significant increase from USD 6.5 billion in 2019.
The Treaty could potentially enhance two-way investment ranging between 18%-22% for the next 5 years ahead.
The Treaty also complements the ASEAN Comprehensive Investment Agreement (ACIA), FTAs ASEAN+1 and of course the RCEP in promoting greater bilateral investment flows.
This Treaty is the first bilateral investment treaty that enters into force after years of investment treaty review by the Government of Indonesia.
It can therefore serve as a model and benchmark for Indonesia’s investment ireaties with other countries.
"BIT reflects Indonesia and Singapore’s strong commitment towards an open and fair economic cooperation – Signaling re-enforced hope and optimism to further explore business opportunities that benefits all of us," she stated.
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